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Flowers Foods cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$110M in Q2 2026 · $306M over twelve months

Operating cash flow$134M
Capital spending−$23.9M
Free cash flow+$110M
Cash / net income3.3×

Analysis

In Q2 2026, Flowers Foods generated $134M of operating cash flow and spent $23.9M on capital projects, leaving free cash flow of $110M.

Over the twelve months to Jul 18, 2026, operating cash flow was $421M; the largest uses were dividends ($186M), capital spending ($115M), net borrowing (+) / repaid (−) ($65.1M); the cash balance rose by $41.7M.

Operating cash flow was $134M against net income of $40.7M — 3.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$38.6M, inventory −$9.7M, stock-based pay +$7.1M.

Free cash flow

Flowers Foods: free cash flow by quarterFlowers Foods: free cash flow by quarter$60.0MQ4 2023$35.4MQ2 2024$88.6MQ3 2024$84.8MQ4 2024$100MQ2 2025$30.4MQ3 2025$78.6MQ4 2025$110MQ2 2026
Operating cash flow less capital spending.
Flowers Foods: operating cash flow against capital spendingFlowers Foods: operating cash flow against capital spendingOperating cash flowCapital spending$92.0M$32.1MQ4 2023$63.3M$27.9MQ2 2024$114M$25.4MQ3 2024$130M$45.5MQ4 2024$131M$30.8MQ2 2025$54.4M$23.9MQ3 2025$125M$46.8MQ4 2025$134M$23.9MQ2 2026
Latest (Q2 2026): Operating cash flow $134M, Capital spending $23.9M.

Capital allocation, year by year

Flowers Foods: where the cash came from (up) and went (down), by fiscal yearFlowers Foods: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $345MFY2021: Net borrowing −$83.6MFY2021: Asset sales $3.0MFY2021: Capital spending −$136MFY2021: Buybacks −$9.5MFY2021: Dividends −$176M$348MFY2021FY2022: Operating cash flow $361MFY2022: Net borrowing −$1.6MFY2022: Asset sales $7.7MFY2022: Capital spending −$169MFY2022: Acquisitions −$9.0MFY2022: Buybacks −$34.6MFY2022: Dividends −$187M$369MFY2022FY2023: Operating cash flow $349MFY2023: Net borrowing $153MFY2023: Asset sales $2.3MFY2023: Capital spending −$129MFY2023: Acquisitions −$275MFY2023: Buybacks −$45.8MFY2023: Dividends −$195M$505MFY2023FY2024: Operating cash flow $413MFY2024: Net borrowing −$27.9MFY2024: Asset sales $2.1MFY2024: Capital spending −$132MFY2024: Buybacks −$22.7MFY2024: Dividends −$203M$415MFY2024FY2025: Operating cash flow $446MFY2025: Net borrowing $740MFY2025: Asset sales $616KFY2025: Capital spending −$127MFY2025: Acquisitions −$792MFY2025: Buybacks −$5.5MFY2025: Dividends −$209M$1.2BFY2025
Over these 5 years operating cash flow totalled $1.9B; the largest uses were acquisitions ($1.1B) and dividends ($970M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$12.1M
Debt$1.8B
Net debt$1.7B
Due within a year$400M

Flowers Foods funds itself: free cash flow was $306M over the last twelve months, and $12.1M of cash and investments stands against $1.8B of debt ($400M due within a year, 0.0× covered by cash).

Flowers Foods: debt maturities by year (FY2025)Flowers Foods: debt maturities by year (FY2025)$400MYear 1$65.0MYear 2$5.0MYear 5$1.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $12.1M of cash and investments now.

Where the cash came from and went

Flowers Foods: sources (+) and uses (−) of cash, Q2 2026Flowers Foods: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$134MCash drawn (+) / kept (−)−$41.2MNet borrowing (+) / repaid (−)−$38.0MDividends−$26.6MCapital spending−$23.9MOther financing−$2.7MOther investing−$1.3MBuybacks−$37K
Flowers Foods: sources (+) and uses (−) of cash, TTM to Q2 2026Flowers Foods: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$421MDividends−$186MCapital spending−$115MNet borrowing (+) / repaid (−)−$65.1MCash drawn (+) / kept (−)−$41.7MOther financing−$8.6MBuybacks−$3.8MOther investing−$1.3MAcquisitions−$48K

From profit to cash

Flowers Foods: net income to operating cash flow, Q2 2026Flowers Foods: net income to operating cash flow, Q2 2026Net income$40.7MDepreciation & amortization$38.6MStock-based pay$7.1MDeferred taxes$3.7MOther non-cash−$430KReceivables$2.8MInventory−$9.7MPayables−$1.5MOperating cash flow$134M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$134M−$23.9M—−$37K−$26.6M−$38.0M−$41.2M$110M
Q4 2025$125M−$46.8M——−$52.3M−$25.0M$4.6M$78.6M
Q3 2025$54.4M−$23.9M−$48K—−$52.3M$30.0M−$5.7M$30.4M
Q2 2025$131M−$30.8M——−$52.4M−$41.7M−$3.7M$100M
Q4 2024$130M−$45.5M——−$50.5M−$32.6M$10.0M$84.8M
Q3 2024$114M−$25.4M——−$50.5M−$15.1M−$8.1M$88.6M
Q2 2024$63.3M−$27.9M—−$13.8M−$50.8M$24.8M$9.0M$35.4M
Q4 2023$92.0M−$32.1M—−$14.9M−$48.5M$9.7M−$8.0M$60.0M

Flowers Foods: income statement and cash flow

Flowers Foods, Q2 2026: revenue $1.2B (-4% year over year), operating margin 5.7%. The chart follows the revenue to costs, profit and cash.

Flowers Foods: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.